Naira Marginally Appreciates Against US Dollar, CBN Updates Exchange Rates
- The naira gained 31 kobo against the US dollar at the official NAFEM window on Tuesday, September 8, 2026
- Nigeria's gross foreign exchange reserves crossed $54 billion for the first time since December 2008, rising sharply from the start of the year
- Market analysts flagged risks that could test the naira's stability, including falling oil prices and shifts in global investor sentiment
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's naira edged higher against the US dollar in the official foreign exchange market on Tuesday, September 8, 2026, closing at N1,320.25/$1 on the Nigerian Foreign Exchange Market (NAFEM), up from N1,320.56/$1 in the prior session a gain of 31 kobo, or 0.02%.
Source: Getty Images
Naira Trades Flat at GTBank, Parallel Market
The improvement against the dollar, however, was not matched across all currencies. Against the pound sterling, the naira slipped by N1.69, ending the session at N1,789.86/£1 compared with N1,788.17/£1 previously.
The naira fared better against the euro, gaining 89 kobo to close at N1,534.52/€1. Outside NAFEM, rates held firm.
The naira traded at N1,330/$1 at the GTBank forex counter and remained at N1,375/$1 in the parallel market.
Market analysts said the local currency is expected to stay broadly stable in the short term, citing the recovery in Nigeria's external reserves and relatively contained exchange-rate pressure as key supporting factors.
Nigeria's FX Reserves Rise Above $54 Billion
A significant backdrop to the naira's performance is the continued growth in Nigeria's foreign reserves.
Gross reserves rose to $54.08 billion as of September 3, 2026, the first time the figure has surpassed $54 billion since December 2008.
Reserves have grown by about $8.6 billion since the start of the year, strengthening the Central Bank of Nigeria's capacity to manage FX demand and shore up market confidence.
Analysts at Coronation said they expect the NAFEM exchange rate to trade within the N1,300 to N1,350/$1 band.
They cautioned, however, that a sharp drop in oil prices, a deterioration in global risk appetite, or other adverse external shocks could put the naira under pressure.
Source: Getty Images
Snapshot of Naira Rates in Official Market
Here is how the naira performed against selected currencies in the NFEM market on Tuesday:
- CFA: N2.34
- Yuan/Renminbi: N196.74
- Danish krone: N205.27
- Euro: N1,534.52
- Yen: N8.58
- Riyal: N351.58
- South African rand: N82.52
- SDR: N1,812.26
- Swiss franc: N1,630.94
- Pound sterling: N1,789.86
- US dollar: N1,320.25
- WAUA: N1,810.97
Nigerian businesses forecast naira to dollar
Earlier, Legit.ng reported that Nigerian businesses expect the naira to gradually gain ground against the US dollar between now and January 2027, according to the Central Bank of Nigeria's (CBN) July 2026 Business Expectations Survey.
The apex bank said the overall Business Confidence Index (BCI) came in at 5.7 points in July 2026, reflecting continued positive sentiment among formal businesses despite ongoing macroeconomic pressures.
Three factors dominated businesses' reasons for optimism.
Source: Legit.ng
